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Vancouver, BC – November 3, 2017 – AsiaBaseMetals Inc. (the “Company”) (TSX-V: “ABZ”) is pleased to announce that it has completed its previously announced non-brokered private placement for aggregate proceeds of $19,500. The Company issued a total of 65,000 common flow-through shares ("Flow-Through Shares") at a price of $0.30 share.
No finder's fees or commissions were paid in connection with the private placement.
In accordance with transfer restrictions under applicable securities laws, the Flow-Through Shares are subject to a hold period until March 4, 2018.
A director of the Company acquired securities in the private placement. Accordingly, the private placement is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Flow-Through Shares issued to or the consideration paid by such persons exceeded 25% of the Company’s market capitalization.
The Company did not file a material change report more than 21 days before the expected closing of the private placement as the details of the private placement and the participation by the related party was not settled until shortly prior to closing and the Company wished to close the private placement on an expedited basis for sound business reasons.
The proceeds from the sale of the Flow-Through Shares will be expended on the Company’s exploration on the Jean Iron Ore Project in Ontario.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Raj Chowdhry, Chief Executive Officer